This invention relates generally to novelty footwear and a method of using the footwear to conceal small personal items. More particularly the novelty footwear of the present invention includes a footwear construction with a liftable footbed and a heel insert which performs a plurality of functions: in a first and primary function, the heel insert reinforces the heel area of the footwear; in a second and secondary function, the heel insert is constructed as a storage compartment with an attached closure that can be unlocked and lifted up and pivotally away from the storage compartment by lifting the liftable footbed of the footwear; and in a third and final function, the heel insert is contoured to comfortably support the heel of a user on an otherwise flat flexible footbed.